DOCSLIB.ORG

Front Matter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Front Matter Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information Virtually all of contemporary macroeconomics is underpinned by a Phillips Curve of one variety or another; yet most of this literature dis- plays a curious neglect of the theoretical dynamic stabilisation perspec- tive provided by A. W. H. Phillips. This volume collects for the ®rst time the major works of one of the great economists, integrating Phillips' empirical work with this theoretical contribution. In addition to twelve substantive chapters, twenty-nine economists including Lawrence Klein, James Meade, Thomas Sargent, Adrian Pagan, Peter Phillips, David Hendry, William Baumol, Richard Lipsey and Geoffrey Harcourt high- light and interpret Phillips' on-going in¯uence. This volume also contains six of Phillips' previously unpublished essays, four of which were thought to have been lost. The ®fth such essay (Phillips' second empirical Phillips Curve) was previously an informal working paper of which few copies circulated, and the sixth essay is a forerunner of the Lucas Critique written by Phillips shortly before his death. ROBERT LEESON is Associate Professor at Murdoch University, Australia and was previously Bradley Fellow at the University of Western Ontario. i © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information A.W.H. Phillips © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Dubai, Tokyo, Mexico City Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521571357 © Cambridge University Press 2000 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published 2000 A catalogue record for this publication is available from the British Library ISBN 978-0-521-57135-7 Hardback Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party Internet Web sites referred to in this publication, and does not guarantee that any content on such Web sites is, or will remain, accurate or appropriate. Information regarding prices, travel timetables, and other factual information given in this work are correct at the time of first printing but Cambridge University Press does not guarantee the accuracy of such information thereafter. © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information Contents List of contributors page x Foreword by Arthur Brown xii Preface by Robert Leeson xvi Part I Bill Phillips: Some Memories and Re¯ections 1 A.W.H. Phillips: An extraordinary life 3 Robert Leeson 2 The versatile genius 18 James Meade 3 To be his colleague was to be his friend 20 Henry Phelps Brown 4 Phillips' adaptive expectations formula 22 Phillip Cagan 5 Economist ± washing machine ®xer 23 Elizabeth Johnson 6 Playing around with some data 24 Ann S. Schwier 7 The Festschrift Brian Silverstone 26 Part II The Phillips Machine 8 The origins of the machine in a personal context 31 Walter Newlyn 9 The Phillips Machine as a `progressive' model 39 David Vines v © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information vi Contents 10 Mechanical models in economic dynamics 68 A.W. Phillips 11 The history of the Phillips Machine 89 Nicholas Barr 12 Early reactions to Mark I and II 115 Graeme Dorrance 13 A superb explanatory device 118 R.M. Goodwin 14 The Phillips Machine and the history of computing 120 Doron Swade Part III Dynamic Stabilisation Optimal Control 15 The optimal control articles 130 Adrian Pagan 16 Stabilisation policy in a closed economy 134 A.W. Phillips 17 Stabilisation policy and the time-forms of lagged responses 169 A.W. Phillips 18 Arnold Tustin's The Mechanism of Economic Systems: a review 184 A.W. Phillips 19 Michel Kalecki's Theory of Economic Dynamics: An Essay on Cyclical and Long-Run Changes in the Capitalist Economy: a review 186 A.W. Phillips Growth 20 The growth articles 190 A.R. Bergstrom 21 A simple model of employment, money and prices in a growing economy 195 A.W. Phillips © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information Contents vii 22 Employment, in¯ation and growth 207 A.W. Phillips 23 Economic policy and development 224 A.W. Phillips The Empirical Phillips Curve 24 The famous Phillips Curve article 232 Richard G. Lipsey 25 The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861±1957 243 A.W. Phillips 26 Discussion of Dicks-Mireaux and Dow's The Determinants of Wage In¯ation: United Kingdom, 1946±1956 261 A.W. Phillips 27 The Melbourne paper 263 John Pitchford 28 Wage changes and unemployment in Australia, 1947±1958 269 A.W. Phillips 29 Phillips and stabilisation policy as a threat to stability 282 William J. Baumol 30 The Phillips Curve in macroeconomics and econometrics 288 L.R. Klein 31 Bill Phillips' contribution to dynamic stabilisation policy 296 Stephen J. Turnovsky 32 A Left Keynesian view of the Phillips Curve trade-off 304 G.C. Harcourt 33 Interactions with a fellow research engineer±economist 308 Charles C. Holt 34 Does modern econometrics replicate the Phillips Curve? 315 Fatemeh Shadman-Mehta 35 The famous Phillips Curve article: a note on its publication 335 Basil S. Yamey © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information viii Contents Part IV Econometrics The Published Papers 36 The Bill Phillips legacy of continuous time modelling and econometric model design 342 Peter C.B. Phillips 37 The published papers 348 Peter C.B. Phillips 38 The in¯uence of A.W. Phillips on econometrics 353 David F. Hendry and Grayham E. Mizon 39 An appreciation of A.W. Phillips 365 Lars P. Hansen and Thomas J. Sargent 40 Some notes on the estimation of time-forms of reactions in interdependent dynamic systems 370 A.W. Phillips 41 Cybernetics and the regulation of economic systems 385 A.W. Phillips 42 The estimation of parameters in systems of stochastic differential equations 395 A.W. Phillips 43 Estimation, regulation and prediction in interdependent dynamic systems 408 A.W. Phillips and M.H. Quenouille The Walras-Bowley Paper 44 The Walras±Bowley paper 420 Adrian Pagan 45 Estimation of systems of difference equations with moving average disturbances 423 A.W. Phillips The Unpublished Papers 46 The estimation of continuous time models 446 A.R. Bergstrom © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information Contents ix 47 Estimation in continuous time series models with autocorrelated disturbances 449 A.W. Phillips 48 Ef®cient ®tting of rational spectral density functions and transfer functions 451 A.W. Phillips Phillips' Foreshadowing of the Lucas Critique 49 The Lucas Critique: did Phillips make a comparable contribution? 460 Robin Court 50 Models for the control of economic ¯uctuations 468 A.W. Phillips 51 Statistical estimation for the purpose of economic regulation 475 A.W. Phillips 52 The last paper: a foreshadowing of the Lucas Critique? 479 A.W. Phillips References 487 Index of names 507 Index of subjects 511 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-57135-7 - A. W. H. Phillips: Collected Works in Contemporary Perspective Edited by Robert Leeson Frontmatter More information Contributors ARTHUR BROWN, Emeritus Professor of Economics, University of Leeds NICHOLAS BARR, Senior Lecturer in Economics, London School of Economics WILLIAM J. BAUMOL, Professor of Economics and Director, C.V. Starr Center for Applied Economics, New York University Senior Research Economist and Emeritus Professor of Economics, Princeton University A.R. BERGSTROM, Emeritus Professor of Economics, University of Essex HENRY PHELPS BROWN, Emeritus Professor of Economics, London School of Economics PHILLIP CAGAN, Professor of Economics, Columbia University ROBIN COURT, Professor of Economics, University of Auckland GRAEME DORRANCE, Visiting Fellow, University of New South Wales R.M. GOODWIN, Emeritus Reader, University of Cambridge Emeritus Fellow, Peterhouse, University of Cambridge Professor Emeritus, University of Sienna LARS P. HANSEN, Professor of Economics, University of Chicago G.C. HARCOURT, Emeritus Reader in the History of Economic Theory, University of Cambridge Emeritus Fellow, Jesus College, University of Cambridge Professor Emeritus of Economics, University of Adelaide DAVID F.
Load more

Recommended publications
  • Italian Economics
    The Structure of Post-Keynesian Economics: The Core Contributions of the Pioneers G. C. Harcourt* Abstract: This paper summarises the key elements of Geoffrey Harcourt’s (2006) book of the same title. Special emphasis is given to the contribution of the Cambridge pioneers, such as John Maynard Keynes, Richard Kahn, Joan Robinson, Nicholas Kaldor, Michal Kalecki, Richard Goodwin, Piero Sraffa, Luigi Pasinetti, and Dennis Robertson. The objective of their approaches is to comprehend the dynamics of an advanced capitalist economy, particularly in the context of a monetary system of production. Here, investment leads and saving follows, while the marginal propensity to save of capitalists is greater than that of workers. The economic surplus is produced in the consumption goods sector, and utilised in the capital goods sector. Mark-up pricing is important for the determination of the surplus, as is the trade off between profit-margins and sales. Kalecki’s principle of increasing risk plays a role in the cyclical dynamics, as does the two-sided relationship between profitability and accumulation. The prevailing business climate is important in determining future expectations, while endogenous money and credit help to finance investment. Growth is thus endogenous in these models of finance, accumulation and profit, while potential conflict plays a role in the pricing and investment decisions and in the process of inflation. A general policy vision emanates from these foundations. 1 Introduction I start, first, by thanking the original inhabitants of the land on which we are now meeting for their courtesy in having us as their guests. Secondly, I must apologise to Peter Groenewegen and John King as they have already heard me talking on the present topic at the ESHET Conference in Porto in April 2006.
    [Show full text]
  • How the Rational Expectations Revolution Has Enriched
    How the Rational Expectations Revolution Has Changed Macroeconomic Policy Research by John B. Taylor STANFORD UNIVERSITY Revised Draft: February 29, 2000 Written versions of lecture presented at the 12th World Congress of the International Economic Association, Buenos Aires, Argentina, August 24, 1999. I am grateful to Jacques Dreze for helpful comments on an earlier draft. The rational expectations hypothesis is by far the most common expectations assumption used in macroeconomic research today. This hypothesis, which simply states that people's expectations are the same as the forecasts of the model being used to describe those people, was first put forth and used in models of competitive product markets by John Muth in the 1960s. But it was not until the early 1970s that Robert Lucas (1972, 1976) incorporated the rational expectations assumption into macroeconomics and showed how to make it operational mathematically. The “rational expectations revolution” is now as old as the Keynesian revolution was when Robert Lucas first brought rational expectations to macroeconomics. This rational expectations revolution has led to many different schools of macroeconomic research. The new classical economics school, the real business cycle school, the new Keynesian economics school, the new political macroeconomics school, and more recently the new neoclassical synthesis (Goodfriend and King (1997)) can all be traced to the introduction of rational expectations into macroeconomics in the early 1970s (see the discussion by Snowden and Vane (1999), pp. 30-50). In this lecture, which is part of the theme on "The Current State of Macroeconomics" at the 12th World Congress of the International Economic Association, I address a question that I am frequently asked by students and by "non-macroeconomist" colleagues, and that I suspect may be on many people's minds.
    [Show full text]
  • Nobel Memoir
    Memoir JOSEPH E. STIGLITZ I was born in Gary, Indiana, at the time, a major steel town on the southern shores of Lake Michigan, on February 9, 1943. Both of my parents were born within six miles of Gary, early in the century, and continued to live in the area until 1997. I sometimes thought that my perignations made up for their stability. There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists. (Paul allegedly once wrote a letter of recommendation for me which summarized my accomplishments by saying that I was the best economist from Gary, Indiana.) Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them. I grew up in a family in which political issues were often discussed, and debated intensely. My mother’s family were New Deal Democrats—they worshipped FDR; and though my uncle was a highly successful lawyer and real estate entrepreneur, he was staunchly pro-labor. My father, on the other hand, was probably more aptly described as a Jeffersonian democrat; a small businessman (an independent insurance agent) himself, he repeatedly spoke of the virtues of self-employment, of being one’s own boss, of self-reliance. He worried about big business, and valued our competition laws. I saw him, conservative by nature, buffeted by the marked changes in American society during the near-century of his life, and adapt to these changes.
    [Show full text]
  • CURRICULUM VITAE August, 2015
    CURRICULUM VITAE August, 2015 Robert James Shiller Current Position Sterling Professor of Economics Yale University Cowles Foundation for Research in Economics P.O. Box 208281 New Haven, Connecticut 06520-8281 Delivery Address Cowles Foundation for Research in Economics 30 Hillhouse Avenue, Room 11a New Haven, CT 06520 Home Address 201 Everit Street New Haven, CT 06511 Telephone 203-432-3708 Office 203-432-6167 Fax 203-787-2182 Home [email protected] E-mail http://www.econ.yale.edu/~shiller Home Page Date of Birth March 29, 1946, Detroit, Michigan Marital Status Married, two grown children Education 1967 B.A. University of Michigan 1968 S.M. Massachusetts Institute of Technology 1972 Ph.D. Massachusetts Institute of Technology Employment Sterling Professor of Economics, Yale University, 2013- Arthur M. Okun Professor of Economics, Yale University 2008-13 Stanley B. Resor Professor of Economics Yale University 1989-2008 Professor of Economics, Yale University, 1982-, with joint appointment with Yale School of Management 2006-, Professor Adjunct of Law in semesters starting 2006 Visiting Professor, Department of Economics, Massachusetts Institute of Technology, 1981-82. Professor of Economics, University of Pennsylvania, and Professor of Finance, The Wharton School, 1981-82. Visitor, National Bureau of Economic Research, Cambridge, Massachusetts, and Visiting Scholar, Department of Economics, Harvard University, 1980-81. Associate Professor, Department of Economics, University of Pennsylvania, 1974-81. 1 Research Fellow, National Bureau of Economic Research, Research Center for Economics and Management Science, Cambridge; and Visiting Scholar, Department of Economics, Massachusetts Institute of Technology, 1974-75. Assistant Professor, Department of Economics, University of Minnesota, 1972-74.
    [Show full text]
  • The Dynamic Society
    THE DYNAMIC SOCIETY ‘Professor Snooks has undertaken as ambitious a project as one could possibly conceive of...it is a stimulating work, and one which shows an immense amount of reading, and an organization of the material into an interesting and highly speculative, but fascinating structure.’ Douglass C.North, Nobel Laureate in Economics In The Dynamic Society Graeme Snooks has set himself the highly ambitious task of exploring the driving force of global change over the past 2 million years. This path-breaking book is divided into three parts: • Part I—outlines and explains the entire history of life on earth, by developing a fully dynamic model, not just of genetic change, but of the broader wave-like fluctuations of biological activity. Central to this is the dynamic role of the individual operating in a competitive environment. • Part II—provides a critical review of current interpretations about the course of history and the forces driving it. • Part III—develops an entirely new interpretation of the dynamics of human society over the past 2 million years. It analyses how individuals in a competitive environment generate growth by investing in the dynamic strategies of family multiplication, conquest, commerce, and technology. It argues that the rise and fall of societies is an outcome of the development and exhaustion of these strategies. The author also employs his dynamic strategy model to discuss future outcomes for human society, controversially arguing that far from leading to ecological destruction, growth-inducing technological change is both necessary and liberating. Ultimately, the book demonstrates that dynamism, not stasis, is the essential condition of human society, as it is of life.
    [Show full text]
  • Alan Stuart Blinder February 2020
    CURRICULUM VITAE Alan Stuart Blinder February 2020 Address Department of Economics and Woodrow Wilson School of Public & International Affairs 284 Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544-1021 Phone: 609-258-3358 FAX: 609-258-5398 E-mail: blinder (at) princeton (dot) edu Website : www.princeton.edu/blinder Personal Data Born: October 14, 1945, Brooklyn, New York. Marital Status: married (Madeline Blinder); two sons and four grandchildren Educational Background Ph.D., Massachusetts Institute of Technology, l97l M.Sc. (Econ.), London School of Economics, 1968 A.B., Princeton University, summa cum laude in economics, 1967. Doctor of Humane Letters (honoris causa), Bard College, 2010 Government Service Vice Chairman, Board of Governors of the Federal Reserve System, 1994-1996. Member, President's Council of Economic Advisers, 1993-1994. Deputy Assistant Director, Congressional Budget Office, 1975. Member, New Jersey Pension Review Committee, 2002-2003. Member, Panel of Economic Advisers, Congressional Budget Office, 2002-2005. Honors Bartels World Affairs Fellow, Cornell University, 2016. Selected as one of 55 “Global Thought Leaders” by the Carnegie Council, 2014. (See http://www.carnegiecouncil.org/studio/thought-leaders/index) Distinguished Fellow, American Economic Association, 2011-. Member, American Philosophical Society, 1996-. Audit Committee, 2003- Fellow, American Academy of Arts and Sciences, 1991-. John Kenneth Galbraith Fellow, American Academy of Political and Social Science, 2009-. William F. Butler Award, New York Association for Business Economics, 2013. 1 Adam Smith Award, National Association for Business Economics, 1999. Visionary Award, Council for Economic Education, 2013. Fellow, National Association for Business Economics, 2005-. Honorary Fellow, Foreign Policy Association, 2000-. Fellow, Econometric Society, 1981-.
    [Show full text]
  • Walking a Tightrope: the Neoclassical Synthesis in Action
    Walking a tightrope: the neoclassical synthesis in action Michaël Assous1 Université Paris 1 Panthéon-Sorbonne, Phare Muriel Dal Pont Legrand Université Cote d’Azur, CNRS GREDEG Sonia Manseri Université Paris 1 Panthéon-Sorbonne, Phare Preliminary draft Abstract: The neoclassical synthesis which emerged in the late 1950s is associated to a specific understanding of the connection between short-run Keynesian and long-run neoclassical analyses. In the early 1960s, when economists from both Cambridges tried to revisit the conditions likely to guarantee the stability of long-run paths, this view was challenged. Then, issues related to the determinants of income distribution and expectations were raised. Our goal in this article is to discuss the significance of these findings and see how they challenged the whole neoclassical synthesis. Using original archives material from Duke and Cambridge (UK) Universities, the paper pays mostly attention to arguments raised by Frank Hahn, Nicholas Kaldor, Paul Samuelson, Armatya Sen and Robert Solow. 1 Contact : [email protected]. 1 Introduction In 1955, Samuelson introduced the notion of neoclassical synthesis in the third edition of his Economics. With the works of Robert Solow, James Meade, Trevor Swan and James Tobin, the synthesis started designating the outcome of a process by which short-run Keynesian and long-run neoclassical analyses were made compatible. In a nutshell, as long as the economy was supposed to be managed on a Keynesian-basis in the short-run, the neoclassical growth model was seen as the more appropriate tool to analyze and sustain full-employment growth. In addition, with the publication of Solow 1957 paper, the neoclassical synthesis meant a particular way to empirically deal with the long-run impact of technical progress.
    [Show full text]
  • Nine Lives of Neoliberalism
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative
    [Show full text]
  • CR Traverse Analysis Progenitors & Pioneers
    Traverse Analysis: Progenitors and Pioneers 14th History of Economic Thought Society of Australia Conference The University of Tasmania, Hobart, Australia. 11th July 2001 Colin Richardson* School of Economics University of Tasmania ABSTRACT Traverse analysis has two progenitors (David Ricardo, Karl Marx) and five pioneers: Michal Kalecki, Adolph Lowe, Joan Robinson, J.R. Hicks, and John Hicks. Defined as the dynamic disequilibrium adjustment-path that connects an initial with a different terminal state of economic growth, the traverse comes in four “flavours”. There are neoclassical (J.R. Hicks), neo-Austrian (John Hicks), observed (Ricardo, Marx, Kalecki, Robinson), and instrumental (Lowe) traverses. These terms are explained and the seven seminal contributions are summarised and commented upon in this paper. * I am indebted to Dr Jerry Courvisanos for his supervision and comments in writing this paper. Scholarship support from The University of Tasmania is also gratefully acknowledged. 2 Introduction Nobel laureate economist Robert Solow once quipped: “The traverse is the easiest part of skiing but the most difficult part of economics”. Later, Joseph Halevi and Peter Kriesler (1992, p 225) complained that “The traverse is at the same time one of the most important concepts in economic theory, and also one of the most neglected.” This paper outlines briefly the history of economic thought between 1821 and 1973 concerning this difficult, important and neglected theoretical construct. Traverse analysis has two progenitors (David Ricardo, Karl Marx) and five pioneers: Michal Kalecki, Adolph Lowe, Joan Robinson, J.R. Hicks, and John Hicks. Defined as the dynamic disequilibrium adjustment-path that connects an initial with a different terminal state of economic growth, the traverse comes in four “flavours”.
    [Show full text]
  • Gomory, Baumol, and Samuelson on Comparative Advantage
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Palley, Thomas I. Research Report Rethinking trade and trade policy: Gomory, Baumol, and Samuelson on comparative advantage Public Policy Brief, No. 86 Provided in Cooperation with: Levy Economics Institute of Bard College Suggested Citation: Palley, Thomas I. (2006) : Rethinking trade and trade policy: Gomory, Baumol, and Samuelson on comparative advantage, Public Policy Brief, No. 86, ISBN 1931493561, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY This Version is available at: http://hdl.handle.net/10419/54319 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu The Levy Economics Institute of Bard College Public Policy Brief No. 86, 2006 RETHINKING TRADE AND TRADE POLICY Gomory, Baumol, and Samuelson on Comparative Advantage thomas i.
    [Show full text]
  • Mythical Expectations
    The University of Notre Dame Australia ResearchOnline@ND Business Book Chapters School of Business 2008 Mythical Expectations Robert Leeson University of Notre Dame Australia, [email protected] Warren Young Follow this and additional works at: https://researchonline.nd.edu.au/bus_chapters Recommended Citation Leeson, R., & Young, W. (2008). Mythical expectations. In R. Leeson (Ed). The anti-Keynesian tradition. New York, NY: Palgrave Macmillan. This Book Chapter is brought to you by the School of Business at ResearchOnline@ND. It has been accepted for inclusion in Business Book Chapters by an authorized administrator of ResearchOnline@ND. For more information, please contact [email protected]. Chapter 7 Mythical Expectations Robert Leeson and Warren Young According to the conventional account, economists have relied on three types of expectations: static (contained in the original Keynesian Phillips curve); adaptive (introduced by Milton Friedman’s in the course of his Monetarist counter-revolution) and rational (part of Robert Lucas’s natural rate New Classical counter revolution). This chapter argues that there a fourth expectational type: the myths associated with these natural rate counter revolutions. The conventional chronology regarding the relationship between expectations and the Phillips curve is that Friedman's 1967 AEA Presidential Address (Friedman, 1968a) transformed macroeconomics by focusing on the neglect of expectations in the Keynesian Phillips curve. However, the archival evidence reveals this conventional account to be both inadequate and inaccurate . In this chapter, it will be shown that Phillips allocated a more destabilising role to inflationary expectations than did Friedman and that the adaptive expectations formula used to undermine the original Phillips curve was actually provided to Friedman by Phillips.
    [Show full text]
  • WILLIAM J. BAUMOL Curriculum Vitae January 2012
    WILLIAM J. BAUMOL Curriculum Vitae January 2012 Born February 26, 1922, New York, NY Married, two children BSS College of the City of New York, 1942 Ph.D. University of London, 1949 1942-1943, 1946: Junior Economist, U.S. Department of Agriculture 1947-1949: Assistant Lecturer, London School of Economics 1949-1992: Professor of Economics, Princeton University 1983-2000: Director, C.V. Starr Center for Applied Economics, New York University Current joint appointments: Since 1992: Senior Economist; and the Joseph Douglas Green, 1895, Professor of Economics Emeritus, Princeton University Since 1971: Professor of Economics, New York University Since 2005: The Harold Price Professor of Entrepreneurship, Stern School of Business, New York University and Academic Director, Berkley Center for Entrepreneurship & Innovation, Stern School of Business, New York University Postal Address: Berkley Center for Entrepreneurship & Innovation, Stern School of Business, 44 West Fourth Street, KMC 7-98, New York University, New York, NY 10012-1126. E-mail: William Baumol: [email protected]; Janeece Lewis (Asst.): [email protected], Anne Noyes Saini (Ed.): [email protected] Homepage: http://pages.stern.nyu.edu/~wbaumol AWARDS & HONORS: 1953 Fellow, Econometric Society 1965 Honorary LL.D, Rider College (Trustee, 1960-1970) 1968 Joseph Douglas Green 1895 Professorship of Economics, Princeton University 1970 Honorary Fellow, London School of Economics, England 1971 Elected Member, American Academy of Arts and Sciences 1971 Honorary Doctorate, Stockholm School of Economics, Sweden 1973 Honorary Doctor of Humane Letters, Knox College 1973 Honorary Doctorate, University of Basel, Switzerland 1975 John R. Commons Award, Omicron Delta Epsilon 1975 Townsend Harris Medal, Alumni Assoc.
    [Show full text]